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Jersey signs up to BEPS

Jersey signs up to ground-breaking OECD Multilateral Convention on the prevention of base erosion and profit shifting (BEPS)

Jersey signs up to ground-breaking OECD Multilateral Convention on the prevention of base erosion and profit shifting (BEPS)

The Chief Minister of Jersey, Senator Ian Gorst, today joined representatives of more than 60 jurisdictions at the OECD Headquarters in Paris for the signing of a multilateral convention to implement tax treaty related measures, designed to prevent base erosion and profit shifting (BEPS).

The Multilateral Instrument (MLI) will modify existing bilateral tax agreements to make them BEPS-compliant, allowing Jersey to strengthen its tax treaty network in an efficient and comprehensive manner, without the need for costly and time-consuming bilateral negotiations. The MLI was developed through negotiations involving more than 100 countries and jurisdictions, under a mandate delivered by G20 Finance Ministers and Central Bank Governors at their February 2015 meeting.

Jersey became a BEPS Associate and Member of the BEPS Inclusive Framework at its inaugural meeting on 16 June 2016. Jersey is fully supportive of the BEPS project and is active in implementing the actions making up the project. As a BEPS Associate, Jersey is able to contribute to the overall development of the project through policy dialogue and exchange of information – participating on an equal footing with OECD, G20 and many other countries and jurisdictions. This demonstrates Jersey’s full commitment towards, and active participation in, the development international standards and will further Jersey’s reputation as a responsible international actor.

The Chief Minister commented: “I am delighted to have joined with jurisdictions from around the world including members of the G20, the OECD and the EU in signing the MLI on behalf of the Government of Jersey. In doing so we have further demonstrated our internationally recognised leading position in complying with the international standards on financial regulation, anti-money laundering and tax transparency and information exchange."